Thursday, August 26, 2010

Boo-yah Credit Card Debt!

TransUnion report that credit card debt has dropped to it's lowest level since 2002. Average credit card debt on bank issued card dipped below $5000. The delinquency rate fell as well, card holder who were late on payments over 90 days is under 1%. Consumers are also getting fewer new cards. Nice Job!

The full article with which states have the highest and lowest debt averages can be found here:

 The Hill
This is really some great news, it seems we are getting our finances in order or are we? Is this just a knee jerk reaction to the current times? The cloud of financial instability that we have been in over the past few years, just has us tightening our belts only to be let out once things get better.

I don't think so. I'd like to think we've turned the corner. We are better prepared now that we have ever been. With the number of big businesses in the spotlight and their financial troubles out in the open for all of us to see, the bonuses, the bailouts, and the demise of some. We have filed that all away for the benefit of our personal budgets.

Thoughts on this good news?

1 comment:

  1. Hi Brian,
    Great blog. I found you through networkedblogs and I'm now following. As a dad of 3 myself, it's always difficult to juggle finances with being able to say yes to the kids. was never really taught how to deal with money as a child so now I try to be as honest as I can as with my kids and my eldest, 12, is already looking to turn a profit.